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1. Company Snapshot

1.a. Company Description

New Work SE operates professional networking platforms in Germany and internationally.It operates through B2C, B2B E-Recruiting, and B2B Marketing Solutions & Events segments.The B2C segment serves XING members who use xing.com, XING Jobs, and kununu.com or internations.org to network with other professionals for finding a suitable job, obtaining information about employers, or reading about career-related topics.


The B2B E-Recruiting segment products portfolio includes Job ads (XJM), XING TalentManager (XTM), XING TalentPoolManager (XTP), XING Talent Referral Manager (XRM), Employee branding profile, Prescreen Applicant Tracking System, XING TalentService (XTS), XING 360 package, and Honeypot.This segment serves customers who seek access to employees and talent.The B2B Marketing Solutions & Events segment offers native, video, and content advertising formats, sponsored mailings, audience network, and event subsegment, as well as ticketing solutions.


This segment serves advertising and events clients.The company was formerly known as Xing SE and changed its name to New Work SE in August 2019.The company was founded in 2003 and is based in Hamburg, Germany.


New Work SE is a subsidiary of Burda Digital SE.

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1.b. Last Insights on NWO

New Work SE's 9.0% performance over the past three months can be attributed to the company's efforts to restructure and optimize operations, as evident from its FY 2023 earnings report. The company's revenue decline of 1.3% from FY 2022 was partially offset by cost-cutting measures. Additionally, the company's intrinsic value estimate of €114, as calculated by analysts, suggests that the stock may be undervalued, providing a potential catalyst for future growth.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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New Work SE (ETR:NWO) Shares Could Be 48% Below Their Intrinsic Value Estimate

Apr -29

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The past five years for Grenke (ETR:GLJ) investors has not been profitable

Apr -10

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New Work Full Year 2023 Earnings: EPS Misses Expectations

Mar -29

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Do Its Financials Have Any Role To Play In Driving New Work SE's (ETR:NWO) Stock Up Recently?

Mar -14

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Is It Time To Consider Buying New Work SE (ETR:NWO)?

Dec -19

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Is There An Opportunity With New Work SE's (ETR:NWO) 47% Undervaluation?

Nov -21

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Could The Market Be Wrong About New Work SE (ETR:NWO) Given Its Attractive Financial Prospects?

Sep -26

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Investors Should Be Encouraged By BELIMO Holding's (VTX:BEAN) Returns On Capital

Sep -22

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.19%)

6. Segments

HR Solutions & Talent Access

Expected Growth: 9.9%

New Work SE's HR Solutions & Talent Access segment growth of 9.9% is driven by increasing demand for digital HR solutions, rising adoption of AI-powered recruitment tools, and growing need for talent acquisition and management services among enterprises, particularly in the post-pandemic era.

B2C

Expected Growth: 11.47%

New Work SE's B2C segment growth of 11.47% is driven by increasing demand for digital learning platforms, rising adoption of remote work, and growing need for upskilling among individuals. Additionally, the company's strong brand presence, user-friendly interface, and continuous innovation in course offerings also contribute to its rapid growth.

B2B Marketing Solutions & Events

Expected Growth: 8.15%

New Work SE's B2B Marketing Solutions & Events segment growth of 8.15% is driven by increasing demand for digital event experiences, rising adoption of data-driven marketing strategies, and expansion into new markets. Additionally, the company's focus on innovation, customer-centric approach, and strategic partnerships have contributed to its growth momentum.

7. Detailed Products

XING

A professional networking platform that allows users to connect with colleagues, find job opportunities, and network with other professionals.

Kununu

A platform that provides insights and reviews of companies, helping job seekers make informed decisions about their career.

StepStone

A job search platform that connects job seekers with employers, providing a range of job listings and career resources.

TotalJobs

A job search platform that provides a range of job listings, career resources, and job search tools.

Jobsite

A job search platform that provides a range of job listings, career resources, and job search tools.

Applicant Management System (AMS)

A recruitment software that helps companies manage their hiring process, from job posting to candidate selection.

8. New Work SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for New Work SE is medium, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for New Work SE is high, as customers have many options available and can easily switch to competitors.

Bargaining Power Of Suppliers

The bargaining power of suppliers for New Work SE is low, as the company has a strong negotiating position and can dictate terms to suppliers.

Threat Of New Entrants

The threat of new entrants for New Work SE is medium, as there are some barriers to entry, but it is still possible for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry for New Work SE is high, as there are many competitors in the market, and the company needs to differentiate itself to stand out.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 26.78%
Debt Cost 3.95%
Equity Weight 73.22%
Equity Cost 10.57%
WACC 8.80%
Leverage 36.57%

11. Quality Control: New Work SE passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
New Work

A-Score: 4.4/10

Value: 6.8

Growth: 5.0

Quality: 7.1

Yield: 2.5

Momentum: 4.0

Volatility: 1.0

1-Year Total Return ->

Stock-Card
Genius Sports

A-Score: 3.9/10

Value: 4.6

Growth: 7.3

Quality: 1.6

Yield: 0.0

Momentum: 8.5

Volatility: 1.3

1-Year Total Return ->

Stock-Card
Fiverr

A-Score: 3.7/10

Value: 3.4

Growth: 8.4

Quality: 3.8

Yield: 0.0

Momentum: 5.0

Volatility: 1.3

1-Year Total Return ->

Stock-Card
HomeToGo

A-Score: 3.6/10

Value: 9.0

Growth: 6.3

Quality: 2.5

Yield: 0.0

Momentum: 3.0

Volatility: 1.0

1-Year Total Return ->

Stock-Card
Perion Network

A-Score: 3.4/10

Value: 7.8

Growth: 1.0

Quality: 2.6

Yield: 0.0

Momentum: 7.0

Volatility: 2.0

1-Year Total Return ->

Stock-Card
Similarweb

A-Score: 3.1/10

Value: 4.8

Growth: 5.2

Quality: 2.9

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

66.2$

Current Price

66.2$

Potential

-0.00%

Expected Cash-Flows